Swedish Power One has now entered into an agreement with an oil company in Texas to buy oil deposits in the ground with the help of its new partner and then block it from extraction in perpetual time.
By releasing the crypto currency Ceeotoo, which will pay for reduced CO2 emissions, Power One in its new collaboration will partly buy and preserve oil deposits in the ground, but the Ceeotoo coin will primarily serve as payment for reduced emissions in other forms.
A ton of saved CO2 is worth $ 100, no matter in what form it is saved. However, buying oil and blocking it in the ground is only a complement to the main cause, namely to encourage measures to reduce emissions by replacing each tonne of saved carbon dioxide with Ceeotoo. 1 tonne of CO2 is what is emitted when combustion of 2.7 barrels of oil.
Power One believes that now that the whole world of business has opened its eyes to the climate issue, it is time to set a value to every saved ton of CO2. Instead of buying into the right to emit CO2, you can now instead get paid if you save CO2. As the blockchain technology is suitable for this type of system, Power One has therefore developed the international cryptocurrency Ceeotoo.
Even in Sweden, the market for CO2 savings has increased slightly compared to previous years, and with the growing interest from the business community, a "reward system" such as Ceeotoo becomes an important encouragement and catalyst for a continued reduction.
For example: Between 2017 and 2018, greenhouse gas emissions in Sweden decreased by almost two percent. It shows fresh statistics from the Swedish Environmental Protection Agency. Compared with 1990, emissions have decreased by 27 percent in 2018. In the previous measurement, for the difference between 2016 and 2017, the reduction was 0.5 percent. This year's reduction is thus almost four times greater, but a total of 42 million tonnes of CO2 was still released last year in Sweden. It is far above what the earth can support.
To achieve Sweden's long-term goal of net zero emissions by 2045, an annual reduction rate of as much as five to eight percent is instead needed. The figures are a little different from country to country, but basically apply to the whole world. To provide an economic incentive for the continued reduction in CO2 emissions is why Power One has created Ceeotoo.
Ceeotoo´s objective is thus as an encouraging part of the package of motives needed to accelerate the necessary transition to a sustainable global society.